10 Things You Need To Know This Morning

Asian markets were higher in overnight trading, with the Shanghai Composite soaring 2.9 percent and the Nikkei up 0.4 percent. European markets are trading higher with the exception of Spain, down 0.4 percent, and Italy, down 0.25 percent. In the United States, the Dow is up 0.4 percent and the S&P 500 is up 0.1 percent.

The strong rally in Chinese shares last night is thought to owe to a host of factors, including decent economic data, talk of regulators giving insurers permission to invest in banks, the market rising above an important level, and hopes that the new Chinese leadership will prioritize development over reform.

The Reserve Bank of New Zealand announces its interest rate decision at 3 PM ET, with the central bank expected to keep rates on hold at 2.5 percent. The decision will mark RBNZ Governor Graeme Wheeler's first decision as governor of the central bank.